Global Visions, Local Touches - Genna Panagopoulos - Defining Hospitality

“We're not here to make money right now. We're here to plant our flags and build brand awareness."

Audio Links:

Spotify: https://open.spotify.com/show/0A2XOJvb6mGqEPYJ5bilPX

Apple Podcasts: https://podcasts.apple.com/us/podcast/defining-hospitality-podcast/id1573596386

This week, Dan Ryan sits down with Genna Panagopoulos, Vice President of Development at Minor Hotels, to make the case that the most exciting real estate play in hospitality right now isn’t in Asia or Europe, it’s right here in America. A restaurant kid from Detroit who fell in love with hotels, Genna is the one handed the keys to a 640 property global giant’s entire North American future, armed with 12 brands, a freshly built franchise model, and a philosophy that deals only work when everyone at the table wins. One NH Collection in Manhattan down. Twenty four more to go.🏠

Takeaways:

• Lead with education before you lead with the pitch. Many potential partners in a new market simply don’t know who you are yet, so your first job is to tell the story before you try to close the deal.

• Think like an owner, even when you’re the brand. You will build more trust and close better deals when your partners can see that you understand what it feels like to operate, carry risk, and protect an asset.

• Qualify your time ruthlessly. If someone does not control the site, do not control the asset, or cannot meet you where you are on quality, it is okay to move on and protect your energy for the right opportunities.

• Your first few deals set the standard for everything that follows. Resist the temptation to compromise on quality or brand fit early on, because the hotels you use to tell your story will either open doors or close them.

• Build relationships with lenders before you need them. Doing the legwork upfront to introduce your strategy and track record means your partners are not starting from scratch when it is time to secure debt.

• Keep deals alive even when they do not close. Turning down a deal respectfully and staying in the conversation preserves the relationship for the right opportunity down the road.

• A non-industry background can be your sharpest tool. Asking simple questions that insiders take for granted, like why a workload or an asset needs to be that large or that costly, often surfaces the most impactful opportunities.

  

“We’re not here to make money right now. We’re here to plant our flags and build brand awareness.” - Genna Panagopoulos

Building a hotel, brand, or guest experience? Reach out to Dan on LinkedIn or hit reply on the Substack to share what you’re working on.

Impact estimates vary by project. For the most up-to-date figures, please refer to the transcript

Connect with Genna:

• Genna’s LinkedIn: https://www.linkedin.com/in/genna-panagopoulos-726a7525/

• Minor Hotels Website: https://www.minorhotels.com/en

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🏨✨ Defining Hospitality is Sponsored by BERMANFALK

https://www.bermanfalk.com/

Check out their impact page! 🌍🌱 https://www.bermanfalk.com/impact/

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